Aberdeen developer Drum Property Group has sold the Buttermarket Centre in Ipswich for £54.7m to the National Grid Pension Fund.

Drum acquired the freehold of the 230,000 sq ft Buttermarket Centre for £9.2m in March 2015 in a joint venture with Capital & Regional

The joint venture vehicle, Buttermarket Ipswich Ltd, led a £25m investment to add a 12-screen Empire cinema, due to open in March, a 20,000 sq ft Pure Gym and a new dining offer which has attracted brands like Byron Burger, Coast to Coast, New Look, Prezzo and Wagamama.

Following the sale, Drum Property Group and Capital & Regional will continue to work with National Grid Pension Fund to complete the leasing of the centre.

Graeme Bone, group managing director of Drum Property Group, said: “Buttermarket provided an exciting opportunity for Drum and Capital & Regional to reposition and redevelop the shopping centre into a leisure and retail venue that local residents could be proud of, and one that would attract operators and brands that will drive footfall and spend in the centre of Ipswich.

“It is another example of Drum’s dynamic approach to risk controlled development and we are delighted to have completed the sale of this transformative project.”